Since 2002, federal law has barred the political parties from accepting unlimited corporate contributions known as "soft money," a ban enacted to get rid of the donations' corrupting influence. But the FEC has continued to allow big bucks to flow from corporations to local committees set up to host the conventions, reasoning that they're more focused on promoting their cities than on politics.

A closer look at the groups' fundraising, however, blows away that rationale, says the institute's Steve Weissman. "Only Democrats are fundraising in Denver, period," he says, and Republicans in St. Paul. "Contrary to the FEC's conclusion, political considerations have a lot to do with host committee fundraising activity," the report concludes. Further evidence of that, it says, is that about half the private money for this year's conventions is to come from out-of-state companies.

Denver fundraising has been led by Steve Farber, an attorney and longtime Democratic donor. He has been aided by Gov. Bill Ritter, Sen. Ken Salazar, Mayor John Hickenlooper and Rep. Diana DeGette - all Democrats. Their fundraising has taken them far beyond Colorado; they met with sponsor Lockheed Martin in Philadelphia, casino interests in Las Vegas and Wall Street executives in New York. Ritter wrote a thank-you note to Chicago Democratic donor Fred Eychaner for his $250,000 contribution, and got Safeway and Amgen on board in a trip to Washington.

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